For the fourth consecutive quarter, the Company reported profitability. In the last four quarters, the Company reported income before tax of $3,720, $102,164, $895,269 and $945,678, respectively. The increased pre-tax profitability is attributed to strong growth in the average selling price per kilogram (or kilogram equivalent) and very strong new patient registrations in the quarter.

The Company continued to report strong EBITDA levels, growing 13% in the quarter to $1,198,620. This is the Company’s second consecutive quarter with EBITDA greater than $1 million. The EBITDA growth reflects the Company’s continued focus on low cost producer status and industry leading patient care, quarter over quarter.

Revenue for the three months ended November 30, 2016 was $5,226,589, representing a 19.5% increased over the prior quarter’s revenue of $4,375,512. The increase in revenue for the quarter was primarily a result of increased average selling price per gram (or gram equivalents) sold.

Adjusted gross profit for the first quarter was $4,046,740 with an adjusted gross margin of 77.4%, generated from both retail and wholesale shipments of medical cannabis. The increase in the adjusted gross margin from the prior quarter is consistent with our revenue growth per gram.

Net income for the three months ended November 30, 2016 was $945,678 or $0.01 per share as opposed to a net loss of $431,098 or $0.01 per share in the same quarter in the previous year and an income before tax of $895,269 or $0.01 per share in the previous quarter.

EBITDA for the second quarter was $1,198,620, compared to an EBITDA of $4,108 in the same period of the prior year and EBITDA of $1,054,269 in the previous quarter.

I am most proud of the best-in-class and sustainable successes delivered by Aphria. First public LP to report consecutive positive quarterly operating results1. First public LP to report consecutive quarters with net profits1. First public LP to licence its cultivation intellectual property. Diversification with non-cultivation assets. Low cost producer status. The best customer service, as determined by Lift.

Vic Neufeld, Chief Executive Officer

Health Canada approval process for Part II expansion under way. Significant progression on Part III expansion. Cash on hand to pay for Part II & Part III expansions. Oil sales growing to over 10% of revenue. 100 employees and growing. Diversification into Arizona and the United States. Our primary focus continues to be building a strong, diversified and profitable market leader for our shareholders. Clearly, Aphria continues to outperform.

We have A Good Thing Growing.

About Aphria

Aphria Inc., one of Canada’s lowest cost producers, produces, supplies and sells medical cannabis. Located in Leamington, Ontario, the greenhouse capital of Canada. Aphria is truly powered by sunlight, allowing for the most natural growing conditions available. We are committed to providing pharma-grade medical cannabis, superior patient care while balancing patient economics and returns to shareholders. We are the first public licenced producer to report positive cash flow from operations and the first to report positive earnings in consecutive quarters.

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